Repligen Corporation (RGEN)

Working capital turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	624,137	668,700	728,189	776,656	800,374	797,146	771,730	724,184	657,807	583,191	499,203	423,845	351,528	312,354	282,284	266,775	258,269	240,737	227,641	204,754
Total current assets	US$ in thousands	1,111,040	978,456	998,583	1,018,800	998,118	953,233	975,995	944,789	931,677	910,854	983,830	926,335	902,382	696,728	687,157	651,378	641,828	621,540	316,494	284,077
Total current liabilities	US$ in thousands	158,162	363,364	373,583	405,321	404,196	410,696	423,522	424,333	375,262	349,439	332,342	313,328	318,956	50,984	44,401	41,853	48,313	38,765	140,913	130,278
Working capital turnover		0.66	1.09	1.17	1.27	1.35	1.47	1.40	1.39	1.18	1.04	0.77	0.69	0.60	0.48	0.44	0.44	0.44	0.41	1.30	1.33

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $624,137K ÷ ($1,111,040K – $158,162K)
= 0.66

The working capital turnover ratio for Repligen Corp. has shown a decreasing trend over the past eight quarters, from 1.48 in Q3 2022 to 0.67 in Q4 2023. This indicates that the company's ability to efficiently utilize its working capital to generate sales has been declining.

A working capital turnover ratio of less than 1 suggests that the company is not effectively utilizing its working capital to support sales growth. It could indicate that the company is holding excess inventory, facing challenges in collecting receivables, or inefficiently managing its current assets and liabilities.

The declining trend in the working capital turnover ratio may raise concerns about the company's liquidity and operational efficiency. Investors and analysts may want to further investigate the underlying reasons for this decrease and assess its impact on the company's financial performance and sustainability.